Sudden growth of exports last month surprises Singapore

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In addition to non-digital deliveries, non-oil exports in Singapore have also unexpectedly grown last month in April.
According to data which has been recently released by the Singapore international trade agency (IE) regarding the annual exportation of goods made in Singapore, trade has reportedly grown by 2.2% last month after a jump of 18.5% in March.

An average assessment of five economists questioned by Dow Jones Newswires has showed that export in April will be reduced by 3.2% in comparison with the same month last year.

Taking into account seasonal adjustments, exports have reduced by 8.7% after a jump of 23.1% last month in comparison with the previous month. As IE assumes, deliveries to its largest export markets (especially China) have fallen in annual expression by 5.1% in comparison with growth of 1.1% as recorded last month.

Exports to the European Union has grown by 11.4% a year, after growth of 56.2% in March. Deliveries to the USA, however, have fallen to 8.3% after a gain of 19% last month. The country’s Ministry of Trade and Industries data testify to the fact that the economy of Singapore in the first quarter has grown by 2.1%.

In comparison with the previous quarter, growth rates of the economy remain unchanged. Athough the analysts interrogated by Dow Jones Newswires have expected an indicator of 1.7%, in fact the economy gain in 2014 has turned out to be higher than expected i.e. 2.9%.